The Department of Economic Development (DED) in Dubai has published a booklet on Risk Management to create awareness among employees of the various business units and agencies within DED on what contributes risks and ways of dealing with them in co-ordination with the administrative units concerned.

The booklet brought out by the Internal Audit sector in DED provides guidelines based on scientific and practical methodology to define, evaluate and manage risks. The guidelines follow a series of awareness workshops organised by DED’s Risk Management Administration in co-operation with Dubai Police to build employee awareness and skills in managing risks.

Mohammed Hilal Al Murooshdi, Chief Executive Officer of the Internal Audit sector, said: “The booklet reflects the vision and mission of the Risk Management Administration to avoid potential risks and enable employees to face threats according to specified procedures comprising brainstorming sessions, use of scenarios, common situation analysis and surveys.”

Awatif Al Mutawa, Internal Auditor in DED, added that the booklet was prepared after six workshops held over two weeks to involve as many DED employees as possible. The three stages of efficient risk response, which are risk assessment, risk control and risk management, are explained in the booklet along with the importance of risk management to the organisation.

“The risks are identified and evaluated in the first two stages and then they are confronted and followed up to ensure fastest possible return to the previous condition in case of any sudden interruption and maximum efficiency of DED’s resources. To ensure better response next time the risk assessment and management process is reviewed annually,” Al Mutawa said.

“The Risk Management Administration looks at ways to bring about a risk management culture within DED and support the internal audit processes, eventually contributing to DED strategy and continuous work flow as well as to best quality services for clients,” added Al Mutawa.

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Background information

The Department of Economic Development (DED) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai.More...

The Department of Economic Development (DED) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai.

In October 2008, HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister and Vice-President, and Ruler of Dubai, issued Decree no. 25 giving full responsibility to DED to plan and regulate the overall economic performance of Dubai, supervise its functions and support the economic development to ensure the objectives of the Dubai Strategic Plan are achieved.